: Should You Thank Your Mortgage Broker Today?

Dec 17 |08:22

I often receive a quick thank you note or email from a grateful client.It is always a pleasure to be remembered for all the hard work.
     â€œHi Dale, do you remember me and Joanna in Long Beach, NY? I asked you to get the lowest payment possible for an investment property that I was planning to flip.
     You got us a 5 year interest only, converting to ARM at 2 and change over LIBOR. Who knew the real estate market would tank like that. Anyway, Iâ€™m really glad you got us the 5 year part, I have until July 09 to sell the house. Other people seem to be under much more pressure with 2 or 3 year teaser periods.
     Iâ€™m hoping that some rate cuts and a bail-out of some subprime borrowers will halt the real estate market swoon long enough for us to get out from under the property. Anyway, weâ€™re hanging in there. I hope everything is well with you, I canâ€™t imagine how upside down your world is, I hope you havenâ€™t had to fire your staff.
     Happy holidays, Bill Davis and Joanna Tylerâ€ .Thank you so much for the note, Bill.Thankfully, we have not had to lay off anybody and do not plan on needing to. Happy Holidays!

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